What is a Whole of Market Mortgage Broker?

Finding the right mortgage can feel overwhelming. There are hundreds of lenders and thousands of products to choose from. A whole of market mortgage broker searches the entire market on your behalf — not just a selected panel of lenders. This gives you access to the widest possible range of options in one place.

Some advisers are tied to a specific lender or a restricted panel. This limits the products they can recommend. Others, such as advisers based inside a bank or building society, can only offer their own products. A whole of market mortgage broker has no such restrictions. Their only obligation is to find the most suitable deal for you.

Benefits of Using a Whole of Market Mortgage Broker

Choosing a mortgage adviser is one of the most important decisions in the mortgage process. The right choice can affect both the success of your application and the total cost over the life of your mortgage.

A whole-of-market broker compares hundreds of products from across the market. This means you get access to a wider choice and better deals than going directly to one lender. With such a broad range available, a good broker can find suitable options for almost any situation. Furthermore, they are more likely to uncover specialist deals that most buyers would never find on their own. The result is time saved and a mortgage suited specifically to your circumstances.

Which Lenders do we deal with?

Our panel includes all the main high street banks and building societies — Halifax, Santander, Natwest, Barclays, Nationwide, HSBC, Accord, Coventry and many more. Beyond those, we also work with a large number of smaller specialist lenders and building societies.

Complex income situations require specialist lender knowledge. For instance, income from a second job, working as a seafarer, or contracting through an umbrella company all have very specific lender requirements. Getting that match right is often the difference between an approval and a decline.

What kind of Problems can a Whole of Market Mortgage Broker help with?

Residency

Many of the enquiries we receive involve clients without indefinite leave to remain in the UK. From a lender’s perspective, applicants on a spouse visa or tier 2 visa present a higher risk. Most of these clients are first-time buyers with smaller deposits.

Each case depends on factors such as how long the applicant has lived in the UK and their income level. EU clients with pre-settled or settled status face similar challenges. Not all lenders will accept applicants with less than three years of UK address history. However, this is an area where we have helped many clients find a suitable solution.

Income Types

With jobs becoming more flexible, applications involving zero hour contracts or agency income are increasingly common. Many lenders have strict criteria for these, while others are more flexible. Income types such as overtime, child maintenance, bonuses, commission and pension income are all situations we handle regularly.

The mortgage market and lender criteria change constantly. A good whole of market broker considers your full income picture and matches you to lenders who are most likely to say yes. Clients who get paid in foreign currencies — such as Euros, Dollars or Swiss Francs — also come to us regularly. Foreign income mortgages are possible with the right lender.

Property Types

Property type is one of the most common reasons a mortgage gets declined. Even with a strong financial profile, if a property falls outside a lender’s policy they will refuse the application. We regularly deal with unusual property types including timber framed properties, properties with annexes and high rise flats.

In addition, we have helped clients with flats above commercial properties, right-to-buy mortgages, right-to-acquire, 90% LTV new build mortgages, properties without NHBC certificates, listed buildings and HMO buy-to-lets. Property types vary enormously and finding the right lender requires detailed market knowledge.

Self Employed Clients

Self-employed applicants have always faced greater scrutiny than those in employment. Since Covid, that scrutiny has increased further. Many lenders now examine bank statementsA record of a borrower's financial transactions often requir... closely to confirm that income is not only historically declared but also currently ongoing.

Applicants who took bounce-back loans or received SEISS grants are looked at more closely still. Some applicants want to use only the most recent year’s figures if income has grown. Others may have just one year of accounts. In each case, working with an experienced independent broker makes a tangible difference to the outcome.

For company directors, the situation often involves retained profits. Many directors keep income low for tax efficiency but want that retained profit considered in the mortgage assessment. Knowing which lenders allow this is where specialist broker knowledge pays off.

Credit Problems

There can be many reasons why clients have adverse credit. Some experienced income disruption during the pandemic. Others have been through a difficult divorce. Either way, adverse credit does not automatically mean a mortgage is out of reach.

Whether an applicant needs a mortgage with a default or a mortgage with a CCJ, options do exist. Outcomes typically depend on the deposit size, income level and income type. Even for clients with historic bankruptcies, recent payday loansPayday Loans are a type of short-term, high-cost borrowing t... or mortgage arrears, whole of market brokers have access to specialist lenders and can offer expert guidance.

Unusual Deposit Types

Most high street lenders require the deposit to come from savings or close family gifts. However, many enquiries involve more complex deposit sources. These include deposits from abroad, gifts from non-family members, and gifted equityThe difference between the value of the property and the amo... arrangements. Each situation requires a lender who understands the specifics — and there are lenders who will consider all of these.

Online Broker Versus Traditional

Although we started as a one-man business visiting clients at home, the way we work has evolved significantly. The mortgage process is now faster, more transparent and far easier for clients to manage.

Our mortgage recommendations are emailed to you so you can read them at your own pace. You can then come back to us with any questions or changes before committing. Our document gathering system uses a secure online portal specific to you, where all required documents can be uploaded in one place.

Throughout the process, we stay in regular contact and chase the lender directly to keep things moving. We have hundreds of 5-star reviews from our clients. We may not be the largest whole of market mortgage broker, but we work hard to maintain our reputation and look after our clients for the long term.

Have a look below at some of our client reviews and see how we help clients for yourself.

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95% of applications we do are agreed and move to offer stage

These statistics, based on a selection of cases from January 2023 to December 2023, were compiled in January 2024.